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Schnitzer Steel Industries To Report Best Q4 Operating Performance In Decade

Schnitzer Steel Industries, Inc. (SCHN) reported preliminary fourth quarter results. Despite the impact of the fire, the company delivered its best fiscal fourth quarter operating performance since fiscal 2011. Adjusted EBITDA is expected to be in the range of $78 million - $81 million, for the quarter. The company expects to generate strong operating cash flow of approximately $139 million, resulting in a $79 million sequential reduction in debt to $75 million, the company's lowest level since 2005.

Adjusted earnings per share from continuing operations are expected to be in the range of $1.75 - $1.83, which excludes expected charges of $12 million or $0.31 per share related to legacy environmental matters. Analysts polled by Thomson Reuters expect the company to report profit per share of $1.57, for the quarter. Analysts' estimates typically exclude special items.

Schnitzer Steel Industries expects fourth quarter earnings per share from continuing operations to be in the range of $1.40 - $1.48 and net income to be in the range of $43 million - $45 million.

The company will report fourth quarter results on October 21, 2021.

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